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WO2006094316A3 - System for processing financial transactions - Google Patents

System for processing financial transactions Download PDF

Info

Publication number
WO2006094316A3
WO2006094316A3 PCT/ZA2006/000022 ZA2006000022W WO2006094316A3 WO 2006094316 A3 WO2006094316 A3 WO 2006094316A3 ZA 2006000022 W ZA2006000022 W ZA 2006000022W WO 2006094316 A3 WO2006094316 A3 WO 2006094316A3
Authority
WO
WIPO (PCT)
Prior art keywords
transaction
bank server
cell phone
code
stored
Prior art date
Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
Ceased
Application number
PCT/ZA2006/000022
Other languages
French (fr)
Other versions
WO2006094316A2 (en
Inventor
Selvanathan Narainsamy
Grant Paul Weideman
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
Individual
Original Assignee
Individual
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Individual filed Critical Individual
Priority to ZA200606754A priority Critical patent/ZA200606754B/en
Publication of WO2006094316A2 publication Critical patent/WO2006094316A2/en
Anticipated expiration legal-status Critical
Publication of WO2006094316A3 publication Critical patent/WO2006094316A3/en
Ceased legal-status Critical Current

Links

Classifications

    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/38—Payment protocols; Details thereof
    • G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/08—Payment architectures
    • G06Q20/20—Point-of-sale [POS] network systems
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/38—Payment protocols; Details thereof
    • G06Q20/42—Confirmation, e.g. check or permission by the legal debtor of payment
    • G06Q20/425—Confirmation, e.g. check or permission by the legal debtor of payment using two different networks, one for transaction and one for security confirmation

Landscapes

  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Engineering & Computer Science (AREA)
  • Finance (AREA)
  • Strategic Management (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Theoretical Computer Science (AREA)
  • Computer Security & Cryptography (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
  • Telephonic Communication Services (AREA)

Abstract

A financial transaction verification system wherein, when a cell phone is used in a transaction, a bank server transmits a transaction authorisation code to the cell phone, and the code is stored in a secure memory of the cell phone. A duplicate of the transaction authorisation code is stored in the bank server. A POS terminal processes the transaction and records transaction data, including customer account data, which is transmitted to the bank server. The bank server uses the account data to verify customer identification and available balance, and transmits a transaction authorisation request to the POS terminal. The transaction authorisation code stored in the secure memory of the cell phone is then entered into the POS terminal and transmitted to the bank server. The bank server compares the received code to the transaction authorisation code previously stored in the bank server to determine if the transaction should proceed.
PCT/ZA2006/000022 2005-02-14 2006-02-14 System for processing financial transactions Ceased WO2006094316A2 (en)

Priority Applications (1)

Application Number Priority Date Filing Date Title
ZA200606754A ZA200606754B (en) 2005-02-14 2006-08-14 GSM Transaction Management System

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
ZA2005/01285 2005-02-14
ZA200501285 2005-02-14

Publications (2)

Publication Number Publication Date
WO2006094316A2 WO2006094316A2 (en) 2006-09-08
WO2006094316A3 true WO2006094316A3 (en) 2009-05-07

Family

ID=36941918

Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/ZA2006/000022 Ceased WO2006094316A2 (en) 2005-02-14 2006-02-14 System for processing financial transactions

Country Status (2)

Country Link
WO (1) WO2006094316A2 (en)
ZA (1) ZA200606754B (en)

Families Citing this family (12)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
EP2080158A4 (en) 2006-09-29 2011-06-22 Scammell Dan SYSTEM AND METHOD FOR VERIFYING USER IDENTITY IN ELECTRONIC TRANSACTIONS
AU2008209321A1 (en) * 2007-01-25 2008-07-31 A & Mt Projects Pty Limited Multi factor authorisations utilising a closed loop information management system
EP2494504A2 (en) * 2009-10-28 2012-09-05 MSPay APS Transaction method and system
US10042589B2 (en) 2015-03-11 2018-08-07 Secure Cloud Systems, Inc. Encrypted data storage and retrieval system
US11012722B2 (en) 2018-02-22 2021-05-18 Secure Cloud Systems, Inc. System and method for securely transferring data
US11329963B2 (en) 2018-02-22 2022-05-10 Eclypses, Inc. System and method for securely transferring data
US11405203B2 (en) 2020-02-17 2022-08-02 Eclypses, Inc. System and method for securely transferring data using generated encryption keys
CN111932127B (en) * 2020-08-11 2021-09-14 宁波威源软件有限公司 Intelligent manufacturing production management system
US12353576B2 (en) 2021-03-05 2025-07-08 Eclypses, Inc. System and method for securely transferring data using encryption keys
US11720693B2 (en) 2021-03-05 2023-08-08 Eclypses, Inc. System and method for securely transferring data
US11522707B2 (en) 2021-03-05 2022-12-06 Eclypses, Inc. System and method for detecting compromised devices
CN114998031A (en) * 2022-06-14 2022-09-02 中国银行股份有限公司 System and method for providing service by independent terminal

Citations (7)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20020147913A1 (en) * 2001-04-09 2002-10-10 Lun Yip William Wai Tamper-proof mobile commerce system
US20030004876A1 (en) * 2001-06-29 2003-01-02 David Jacobson Mobile terminal incorporated with a credit card
US20030023566A1 (en) * 2000-03-03 2003-01-30 Tomonori Fujisawa Authenticating method
US20030191945A1 (en) * 2002-04-03 2003-10-09 Swivel Technologies Limited System and method for secure credit and debit card transactions
US20040039709A1 (en) * 2002-01-23 2004-02-26 Petri Pirhonen Method of payment
US20040098350A1 (en) * 2002-08-08 2004-05-20 Fujitsu Limited Framework and system for purchasing of goods and srvices
US20040250068A1 (en) * 2001-09-03 2004-12-09 Tomonori Fujisawa Individual certification method

Patent Citations (7)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20030023566A1 (en) * 2000-03-03 2003-01-30 Tomonori Fujisawa Authenticating method
US20020147913A1 (en) * 2001-04-09 2002-10-10 Lun Yip William Wai Tamper-proof mobile commerce system
US20030004876A1 (en) * 2001-06-29 2003-01-02 David Jacobson Mobile terminal incorporated with a credit card
US20040250068A1 (en) * 2001-09-03 2004-12-09 Tomonori Fujisawa Individual certification method
US20040039709A1 (en) * 2002-01-23 2004-02-26 Petri Pirhonen Method of payment
US20030191945A1 (en) * 2002-04-03 2003-10-09 Swivel Technologies Limited System and method for secure credit and debit card transactions
US20040098350A1 (en) * 2002-08-08 2004-05-20 Fujitsu Limited Framework and system for purchasing of goods and srvices

Also Published As

Publication number Publication date
WO2006094316A2 (en) 2006-09-08
ZA200606754B (en) 2008-10-29

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